GBPUSD: weekly review (12/12)
Tatiana Norkina, FBS analyst
Daily. Currency pair has been restoring to 1.5750 over the past week, after upgrading to 1.5540 lows. At these levels, bulls met the Kijun-sen, which still does not pass them up. "Hanging man" appeared on the candle chart, which can become reversal pattern after confirmation. In this case, you can expect a resumption of the downtrend.
Ichimoku is entirely on the side of the bears - all lines are directed downwards.
Oscillators indicate short-term bullish signals.
Graph. Daily GBP/USD
H4. At the four-hour time frame the pair entered into the cloud, thereby denoting sideways market conditions. Tenkan and Kijun formed a golden cross, which supports bulls today. Line Senkou Span A came as close to its partner as possible, threatening to change the nature of the cloud.
However, bulls will face some difficulties to break the resistance of 1.5740, as there is an upper limit of the Ichimoku cloud.
Graph. H4 GBP/USD